ex10_5.htm


    
      

    

    Exhibit
10.16

     

    
      
        	
                In
      re

              	
                CROCHET & BOREL SERVICES,
      INC.

              	 
      	
                Case
      No.

              	 
      	
                08-10290 (BLS)

              
	 
      	
                Debtor

              	 
      	
                Reporting
      Period:

              	 
      	
                July 1 through July
  31

              


      

      
        


      

      
        STATEMENT OF OPERATIONS
(Income Statement)

      

      
        The
Statement of Operations is to be prepared on an accrual basis. The accrual basis
of accounting recognizes revenue when it is realized and expenses when they are
incurred, regardless of when cash is actually received or
paid.

      

      


      
        	
                
                  REVENUES

                

              	 	
                
                  MONTH

                

              	 	 	
                
                  CUMULATIVE -FILING TO DATE

                

              	 
	
                
                  Gross Revenues

                

              	 	$	 	 	 	$	10	 
	
                
                  Less: Returns and
      Allowances

                

              	 	 	-	 	 	 	-	 
	
                
                  Net Revenue

                

              	 	 	-	 	 	 	10	 
	
                
                  COST OF GOODS
      SOLD

                

              	 	 	 	 	 	 	 	 
	
                
                  Beginning Inventory

                

              	 	 	 	 	 	 	-	 
	
                
                  Add: Purchases

                

              	 	 	-	 	 	 	.	 
	
                
                  Add: Cost of Labor

                

              	 	 	 	 	 	 	281	 
	
                
                  Add: Other Costs (attach
      schedule)

                

              	 	 	 	 	 	 	401	 
	
                
                  Less: Ending
Inventory

                

              	 	 	 	 	 	 	-	 
	
                
                  Cost of Goods Sold

                

              	 	 	 	 	 	 	682	 
	
                
                  Gross Profit

                

              	 	 	-	 	 	 	692	 
	
                
                  OPERATING
      EXPENSES

                

              	 	 	 	 	 	 	 	 
	
                
                  Advertising

                

              	 	 	.	 	 	 	-	 
	
                
                  Auto and Truck
Expense

                

              	 	 	-	 	 	 	-	 
	
                
                  Bad Debts

                

              	 	 	-	 	 	 	-	 
	
                
                  Contributions

                

              	 	 	-	 	 	 	-	 
	
                
                  Employee Benefits
      Programs

                

              	 	 	.	 	 	 	-	 
	
                
                  Officer/Insider
      Compensation*

                

              	 	 	-	 	 	 	-	 
	
                
                  Insurance

                

              	 	 	„	 	 	 	-	 
	
                
                  Management
    Fees/Bonuses

                

              	 	 	-	 	 	 	-	 
	
                
                  Office Expense

                

              	 	 	-	 	 	 	-	 
	
                
                  Pension & Profit-Sharing
      Plans

                

              	 	 	.	 	 	 	-	 
	
                
                  Repairs and
    Maintenance

                

              	 	 	-	 	 	 	-	 
	
                
                  Rent and Lease
Expense

                

              	 	 	.	 	 	 	-	 
	
                
                  Salaries/Commissions/Fees

                

              	 	 	-	 	 	 	-	 
	
                
                  Supplies

                

              	 	 	-	 	 	 	-	 
	
                
                  Taxes - Payroll

                

              	 	
                
                  -

                

              	 	 	 	-	 
	
                
                  Taxes - Real Estate

                

              	 	 	-	 	 	 	-	 
	
                
                  Taxes - Other (refund on franchise
      taxes)

                

              	 	 	 	 	 	 	76,906	 
	
                
                  Travel and
    Entertainment

                

              	 	 	 	 	 	
                
                  -

                

              	 
	
                
                  Utilities

                

              	 	 	 	 	 	 	-	 
	
                
                  Other (attach
    schedule)

                

              	 	 	(6,139	)	 	 	(9,982	)
	
                
                  Total Operating Expenses Before
      Depreciation

                

              	 	 	(6,139	)	 	 	66,924	 
	
                
                  Depreciation/Depletion/Amortization

                

              	 	 	(39,741	)	 	 	(218,577	)
	
                
                  Net Profit (Loss) Before Other Income &
      Expenses

                

              	 	 	(45,880	)	 	 	(150,961	)
	
                
                  OTHER INCOME AND
    EXPENSES

                

              	 	 	 	 	 	 	 	 
	
                
                  Other Income (attach
      schedule)

                

              	 	 	-	 	 	 	-	 
	
                
                  Interest Expense

                

              	 	 	27,092	 	 	 	(93,973	)
	
                
                  Other Expense (attach
      schedule)

                

              	 	 	 	 	 	 	-	 
	
                
                  Net Profit (Loss) Before Reorganization
      Items

                

              	 	 	(18,788	)	 	 	(244,934	)


      

      
        

          
            
               


            

            
               


              
                

              

            

            
               


            

          

        

         

      

      
        	
                In
      re

              	
                CROCHET & BOREL SERVICES,
      INC.

              	 
      	
                Case
      No.

              	 
      	
                08-10290 (BLS)

              
	 
      	
                Debtor

              	 
      	
                Reporting
      Period:

              	 
      	
                July 1 through July
  31

              


      

      


      
        	
                
                  REORGANIZATION ITEMS

                

              	 	 	 	 	 	 
	
                
                  Professional Fees

                

              	 	 	-	 	 	 	-	 
	
                
                  U. S. Trustee Quarterly
      Fees

                

              	 	 	(6,500	)	 	 	(6,825	)
	
                
                  Interest Earned on Accumulated Cash from Chapter
      11 (see continuation
      sheet)

                

              	 	 	 	 	 	 	-	 
	
                
                  Gain (Loss) from Sale of
      Equipment

                

              	 	 	 	 	 	 	-	 
	
                
                  Other Reorganization Expenses (attach
      schedule)

                

              	 	 	 	 	 	 	-	 
	
                
                  Total Reorganization
      Expenses

                

              	 	 	(6,500	)	 	 	(6,825	)
	
                
                  Income Taxes

                

              	 	 	-	 	 	
                
                  -

                

              	 
	
                
                  Net Profit (Loss)

                

              	 	$	(25,288	)	 	$	(251,759	)


      

      
        *"Insider"
is defined in 11 U.S.C. Section 101(31).

      

      
        


      

      
        BREAKDOWN
OF "OTHER" CATEGORY

      

      


      
        OTHER
COSTS

      

      
        	
                
                  63000-63900 - DC - Construction &
      Other

                

              	 	 	401	 
	 
      	 	 	 	 
	 
      	 	 	 	 
	 
      	 	 	 	 
	 
      	 	 	 	 


      

      
        OTHER
OPERATIONAL EXPENSES

      

      
        	
                
                  80200 - Bank Charges

                

              	 	$	1,877	 	 	 	3,020	 
	
                
                  80450 - Contract
Labor

                

              	 	 	 	 	 	 	920	 
	
                
                  80700 - Dues &
      Subscriptions

                

              	 	 	 	 	 	 	127	 
	
                
                  82000 - Legal &
      Professional

                

              	 	 	4,039	 	 	 	5,659	 
	
                
                  83200 - Penalties

                

              	 	 	 	 	 	 	35	 
	
                
                  82400 - Office
    Expenses

                

              	 	 	223	 	 	 	221	 


      

      
        OTHER
INCOME

      

      
        	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      


      

      
        OTHER
EXPENSES

      

      
        	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      


      

      
        OTHER
REORGANIZATION EXPENSES

      

      
        	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      


      

      
        


      

      
        Reorganization
Items - Interest Earned on Accumulated Cash from Chapter 11:

      

      
        Interest
earned on cash accumulated during the chapter 11 case, which would not have been
earned but for the bankruptcy proceeding, should be reported as a reorganization
item.